Finnish couples well-acquainted with each other’s finances: Younger couples talk, older ones agree

By admin On Oct 22, 2023

A couple sitting down. LEHTIKUVA

A new survey titled “Money & Love” commissioned by Danske Bank has revealed that Finnish couples are notably knowledgeable about their partner’s overall financial situation. Remarkably, about half of the participants say they are very familiar with their partner’s income, debts, and assets.

The study indicated that 94% of respondents feel they know their partner’s financial situation at least fairly well, with 51% feeling they know it extremely well.

On the flip side, a small fraction (6%) admitted to having little or very little knowledge about their partner’s financial standing. Intriguingly, 9% confessed to being uncertain or very uncertain about the amount of debt their partner holds.

Kaisa Kivipelto, Senior Strategist at Danske Bank, expressed her satisfaction with the results, stating, “We were pleasantly surprised by how well Finnish individuals know their partner’s finances. Over a third feel it’s very important to be familiar with their partner’s financial situation, although, in our view, this figure should ideally be 100%. It’s especially crucial for young families to understand and agree on finances, ensuring equitable contribution to family expenses.”

According to the study, the predominant reasons for this transparency in financial matters include an individual’s own desire to share financial details and agreements about joint finances. An interesting 42% of those surveyed mentioned having agreed with their partner that finances, debts, and assets are either entirely or mainly shared.

Age appears to play a significant role in how couples approach financial discussions. Younger participants were more likely to be informed about their partner’s finances due to their partner’s own willingness to share. In contrast, those over the age of 60 primarily know their partner’s financial details because of mutual agreements. This older age bracket often has arrangements where financial matters are jointly held.

Significant life changes and living arrangements also seem to shape financial awareness. Specifically, married couples tend to have a better grasp of their spouse’s financial situation than others.

Ville Orava, Director responsible for investments and savings at Danske Bank, highlighted the importance of financial discussions in relationships. “In a marriage, managing shared finances naturally brings money talks more into daily life. A marriage is also a financial agreement that introduces mutual support obligations between spouses. It’s vital to have open discussions about one’s finances right from the early stages of a relationship and remain informed as finances evolve. Talking about money is an act of love, fostering shared financial peace of mind.”

Source: www.helsinkitimes.fi